企业低碳行为与股东价值关系的实证研究.pdfVIP

2014年02 月 革怠结晴管何 Feb. ,2014 (第 28卷第02 期) East China Economic Management (Vo1.28 ,No.02) ·公司治理 [DOI]1 0.3969/j.issn. l ∞7-5ω7.2014.02.0 1 8 企业低碳行为与股东价值关系的实证研究 牛晓叶 (中央财经大学会计学院，北京 1α)()81 ) 摘要:结合我阁低破政策背景. 实证检验了我国企业低碳行为与股东价值的关系，研究发现:总体而言我国企业低破 行为有利于胶东价锐的提升，环境敏感行业的低正在行为与股东价值的关系史显茶，但是与被动的低碳行为相比，主动 低碳行为并未获得J!..大的股东价值 这农明我国政府和l 定的低破政策取得了一定的效果.但是还需要进一步培育低碳 产品零求、明确破交易或银税等低碳政策， 从而使企业主动低碳行为获得应有的关大市场回报 关键词: 低碳欢某: f.民正在行为 ;市场反应;股东价位 中图分类号:白7 1.5 文献标志码: 生 文章编号: 1007-5097 (20 14) 02-0085-06 An Empirical Study on the Relationship between Enterprises Low-carbon Behavior and Shareholders Value NIU Xiao-ye (SchωlofAcω. unlanc)， Cenlral University of FitlαIIce and Economics, BeijingJOOO8J, Chinα) Abstract : The paper rnade an ernpiri cal study on the relationship betw een ente叩旧俗， low ca巾。n behavior百 and sharehold- er value in the context of ChineSt low-carbon poli cies. The stucly shows that in general the low-carhon behavior can in- C陀ase shareholders value, wh ich is more positive in environmentul sensitive industri es. The act ive low-carhon behaviors do not bring more shareholders value. compared to passive low-carhon behaviors. The results indicate that the low-carhon poli- cies made hy Chinese governmeJ1t have achieved sorne succ!tss‘ hut it still need to foster lhe demancl for low-carbon prod- ucts and make the carhon trading or carbon tax 阳licy c1ear in order to help the active carbon hehaviors get greater market retu口lS. Keywords: low-carboJ1 policy; low唱carbon behavio r; market reactiun